Los canales del desapalancamiento del sector privado: una comparación internacional
Following the increase in private-sector indebtedness before the 2008 Great Recession, balance sheet adjustment by the most indebted agents will be a necessary condition for achieving balanced growth. This paper analyses the deleveraging of the non-financial private sector in four countries that experienced a housing boom —US, UK, Ireland and Spain— and how it is affecting their pace of recovery. The results indicate that in 2008-2012 there are differences in these countries not only in the intensity of debt reduction but also in the distribution between agents and productive sectors, and in the form deleveraging is taking. Arguably, too, differences in observed patterns of adjustment are related to distinct economic policies and international environments. In the United States the drivers reducing debt are the improvement in activity and household debt restructuring and defaults; in the United Kingdom inflation has dominated, eroding the value of debt; and in Ireland and Spain the reduction in net financing flows is proving more important. Deleveraging processes will foreseeably continue in the future, as debt ratios are still relatively high. These processes are usually gradual in nature, so they will continue affecting consumption and investment growth over the coming years.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Kiyotaki, Nobuhiro & Moore, John, 1997.
Journal of Political Economy,
University of Chicago Press, vol. 105(2), pages 211-48, April.
- Ryo Kato, 2003. "Matlab code for Kiyotaki-Moore credit cycles," QM&RBC Codes 113, Quantitative Macroeconomics & Real Business Cycles.
- Nobuhiro Kiyotaki & John Moore, 1995. "Credit Cycles," NBER Working Papers 5083, National Bureau of Economic Research, Inc.
- John Moore & Nobuhiro Kiyotaki, . "Credit Cycles," Discussion Papers 1995-5, Edinburgh School of Economics, University of Edinburgh.
- Joe Peek & Eric S. Rosengren, 2005.
"Unnatural Selection: Perverse Incentives and the Misallocation of Credit in Japan,"
American Economic Review,
American Economic Association, vol. 95(4), pages 1144-1166, September.
- Joe Peek & Eric S. Rosengren, 2003. "Unnatural Selection: Perverse Incentives and the Misallocation of Credit in Japan," NBER Working Papers 9643, National Bureau of Economic Research, Inc.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973, March.
- Neil Bhutta, 2012. "Mortgage debt and household deleveraging: accounting for the decline in mortgage debt using consumer credit record data," Finance and Economics Discussion Series 2012-14, Board of Governors of the Federal Reserve System (U.S.).
- Claessens, Stijn & Kose, Ayhan & Terrones, Marco E, 2008.
"What Happens During Recessions, Crunches and Busts?,"
CEPR Discussion Papers
7085, C.E.P.R. Discussion Papers.
- Stijn Claessens & M. Ayhan Kose & Marco E. Terrones, 2009. "What happens during recessions, crunches and busts?," Economic Policy, CEPR;CES;MSH, vol. 24, pages 653-700, October.
- Marco Terrones & M. Ayhan Kose & Stijn Claessens, 2008. "What Happens During Recessions, Crunches, and Busts?," IMF Working Papers 08/274, International Monetary Fund.
- Christopher Carroll & Jiri Slacalek & Martin Sommer, 2012.
"Dissecting Saving Dynamics: Measuring Wealth, Precautionary, and Credit Effects,"
Economics Working Paper Archive
602, The Johns Hopkins University,Department of Economics.
- Christopher Carroll & Martin Sommer & Jiri Slacalek, 2012. "Dissecting Saving Dynamics; Measuring Wealth, Precautionary, and Credit Effects," IMF Working Papers 12/219, International Monetary Fund.
- Carroll, Christopher & Slacalek, Jiri & Sommer, Martin, 2012. "Dissecting saving dynamics: measuring wealth, precautionary and credit effects," Working Paper Series 1474, European Central Bank.
- Carroll, Christopher D. & Slacalek, Jiri & Sommer, Martin, 2012. "Dissecting saving dynamics: Measuring wealth, precautionary, and credit effects," CFS Working Paper Series 2012/10, Center for Financial Studies (CFS).
- Christopher Carroll & Jiri Slacalek & Martin Sommer, 2012. "LaTeX source for the paper and programs for A Tractable Model of Buffer Stock Saving," Economics Companion Software Archive 4, The Johns Hopkins University,Department of Economics.
- Kamath, Kishore & Reinold, Kate & Nielsen, Mette & Radia, Amar, 2011. "The financial position of British households: evidence from the 2011 NMG Consulting survey," Bank of England Quarterly Bulletin, Bank of England, vol. 51(4), pages 305-318.
- Fabian Valencia & Luc Laeven, 2012. "Systemic Banking Crises Database: An Update," IMF Working Papers 12/163, International Monetary Fund.
- Stephen Cecchetti & Madhusudan Mohanty & Fabrizio Zampolli, 2011. "The real effects of debt," BIS Working Papers 352, Bank for International Settlements.
- Garry Tang & Christian Upper, 2010. "Debt reduction after crises," BIS Quarterly Review, Bank for International Settlements, September.
When requesting a correction, please mention this item's handle: RePEc:bde:opaper:1302. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mar�a Beiro. Electronic Dissemination of Information Unit. Research Department. Banco de Espa�a)
If references are entirely missing, you can add them using this form.